ICAI Develops Early Warning System to Combat Financial Frauds in India, ETCFO
New Delhi: The Institute of Chartered Accountants of India (ICAI) is working with regulators to develop an early-warning mechanism to prevent scams and frauds before they occur with an initial focus on listed companies, a senior executive of ICAI said on Wednesday.
Charanjot Singh Nanda, president of ICAI, told reporters that key stakeholders, including Sebi, NSE, BSE, the Intelligence Bureau (IB), and RBI will participate in the initiative.
The move follows several instances of auditor lapses and financial fraud in the country in recent months, such as those linked to IndusInd Bank and Gensol.
Separately, ICAI has issued guidelines, capping the number of tax audits a partner at an accounting firm can take up in a year at 60. TNN
